Virpax Pharmaceuticals Announces Q1 2024 Results and Updates
BERWYN, Pa.--Virpax® Pharmaceuticals, Inc. ("Virpax" or the "Company") (NASDAQ: VRPX), a firm dedicated to creating non-addictive solutions for pain management, post-traumatic stress disorder, CNS disorders, and viral barriers, has released its financial results for the first quarter ending March 31, 2024, alongside notable recent advancements.
CEO Gerald W. Bruce emphasized the progress made with Probudur™, highlighting a Maximum Tolerated Dose Study that confirmed the safety and efficacy of a single injection. This study reinforces Probudur's potential to offer both immediate and sustained pain relief at the wound site without the need for additional bupivacaine or opioids.
Bruce also discussed Envelta™ and NobrXiol™, which are in development for pain management and pediatric epilepsy, respectively, using Nanomerics' intranasal Molecular Envelope Technology (MET). Nanomerics, based in London, recently received the King's Award for Enterprise 2024 for innovation. This award was given in recognition of MET's ability to enhance drug efficacy while minimizing side effects. Bruce extended congratulations to Nanomerics and expressed satisfaction with leveraging their innovative drug delivery system for Virpax's product candidates.
Additionally, Virpax is advancing its product pipeline, seeking grants, and exploring licensing opportunities. While success is not guaranteed, Bruce noted a positive level of interest and activity in these endeavors.
Key Developments:
- On April 30, 2024, Virpax announced the positive results of the Maximum Tolerated Dose Study for Probudur, which showed that all doses were well-tolerated with no significant adverse effects.
- The company reached a litigation settlement with Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals, Inc., which was approved by the United States Bankruptcy Court for the Southern District of Texas. Consequently, Virpax made its first payment under this agreement on March 18, 2024.
- On February 7, 2024, initial findings from a pilot study by the U.S. Army Institute of Surgical Research (USAISR) on Probudur indicated that the product significantly reduced pain behaviors in a rat model of incisional pain. This study was conducted under an existing Cooperative Research and Development Agreement (CRADA).
- Virpax was featured in a Forbes.com article on January 14, 2024, as a promising stock in the biotech sector. The article highlighted Virpax's lead pain products and mentioned grants from the National Institutes of Health and the Pentagon.
Financial Results for Q1 2024:
General and administrative expenses rose to $1.7 million, up from $0.4 million in the same period last year. This increase was primarily due to a one-time legal reimbursement of $1.25 million in the first quarter of 2023, which had offset expenses then. Research and development costs increased to $1.6 million from $1.2 million, with the rise mainly linked to preclinical activities for Probudur, partially offset by decreased activities for AnQlar and NobrXiol.
The company recorded an operating loss of $3.2 million for Q1 2024, compared to $1.5 million in Q1 2023. As of March 31, 2024, Virpax reported having approximately $1.9 million in cash.
About Virpax Pharmaceuticals:
Virpax is working on branded, non-addictive pain management products utilizing proprietary technologies for optimized drug delivery. The company seeks FDA approval for two prescription drug candidates: Probudur™, a single injection liposomal bupivacaine formulation for post-operative pain, and Envelta™, an intranasal molecular envelope enkephalin formulation for acute and chronic pain, including cancer pain. Additionally, NobrXiol™ is being developed for nasal delivery of pharmaceutical-grade cannabidiol (CBD) for pediatric epilepsy. Virpax has cooperative research agreements with the National Institutes of Health and the Department of Defense. The company is also developing non-prescription products: AnQlar, aimed at inhibiting viral replication, and Epoladerm™, a topical spray for osteoarthritis pain.
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